Rivian's Q4 Deliveries Hit 14,183, Stock Soars 24% on Meeting 2024 Targets

Jan 3, 2025, 02:32 PM

Rivian Automotive Inc. (NASDAQ: RIVN) announced that it delivered 14,183 vehicles in the fourth quarter of 2024, surpassing analysts' estimates of 13,472. The company produced 12,727 vehicles during the same period at its plant in Normal, Illinois. For the full year 2024, Rivian produced a total of 49,476 vehicles and delivered 51,579 vehicles, meeting its guidance of producing between 47,000 to 49,000 vehicles and delivering between 50,500 to 52,000 vehicles. The company stated that the shortage of a shared component on its R1 and RCV platforms is no longer constraining production. Following the announcement, Rivian's stock surged, with pre-market trading showing gains of up to 24%, positioning the company as a growing competitor to Tesla in the electric vehicle market.